Every country in the world will differ in growth rates, meaning your business will be booming in one country but failing miserably in another. Because of this, many entrepreneurs are constantly trying to drive new business into new international markets.
Trading in different fields gives both small and large businesses the opportunity to grow and develop their business and brand. Indeed, if companies want to grow, it is important that they look overseas to see where the growth is taking place.
However, when companies hear of global opportunities in countries like Brazil, China, India, and Russia, the prospect of where to start can be quite daunting. To be successful in the trading world, you need to start thinking like an exporter.
Use what’s on your doorstep
More than a third of all companies that took part in Export Week had never exported before and therefore had little knowledge on the subject. Non-exporting companies attend such events to find out about international trade. They want to learn how to start and which country is best for their market.
There are many places business owners can get information about exporting and they shouldn’t be afraid to take advantage of everything on their doorstep. Attend as many events as you can, and even consider speaking to other business owners for friendly advice from them.
Protect what is yours
When considering trading overseas, you are likely to have many different worries. One of the main concerns you will likely have is if your business is protected.
In a way, the way we do business locally is pretty much the same as when we export overseas. To ensure your protection, you should register your trademark and protect your intellectual property in your country of residence.
Once you are fully protected in your area, it is time to get into trading overseas. Once you start trading overseas, it is important to protect your intellectual property there too.
You’re just a little fish in a big pond
When it comes to planning the next step in the big international move, you may feel like a small point in a big world – believe me, this is a scary prospect. However, don’t let this thought put you off.
The road to success in relocating trade overseas is to build an international contact list – don’t worry, you don’t have to do this on your own.
For small businesses stepping into the big, scary world on their own, you can get help finding international contacts by contacting your local Chamber of Commerce (or a comparable Chamber of Commerce such as UKTI in the United Kingdom). The organization can help arrange meetings with potential buyers.
Understand your finances
One of the biggest deterrents to new international traders is the financial aspect. Concerned companies often ask how to fund their export plans and what if the feared happens – what if they are not paid for their goods and services.
Through professional advice, you’ll learn about working capital, bonds, and credit insurance to help you reduce financial risks abroad. Such knowledge is essential to understand cash flow differences for different markets and to ensure a secure method of payment for goods and services.
You also need to educate yourself about the various tax implications of trading overseas and how it can affect you.
Don’t be afraid to ask for help as many people are in the same situation as you.